ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The term “distribution channel” refers to the methods used by a company to deliver its products or services to the end consumer. It often involves a network of intermediary businesses such as manufacturers, wholesalers, and retailers.

Detailed explanation-2: -A market is a place where parties can gather to facilitate the exchange of goods and services.

Detailed explanation-3: -Promotion. Promotion refers to the methods a business uses to gain the attention of the customers to their product. These includes sales promotions, customer service, public relations, advertising etc.

Detailed explanation-4: -Marketing is the process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.